President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21, 2010. This law is commonly referred to as the Durbin Interchange Amendment. The amendment imposes restrictions on interchange fees paid by merchants on debit card transactions and directs the Federal Reserve to issue regulations implementing those restrictions.
The Federal Reserve is required by the law to issue final rules within 9 months; the restrictions take effect 12 months after the bill was signed into law (by July 21, 2011).
Sightline is actively monitoring the Durbin Interchange Amendment process as well as through its partners contacting the Federal Reserve as it begins to define the requirements. As further details become known and available, Sightline will share them with you.
Kirk, Tom, and Diran